PIVXUSD closes below its opening price unable to hold early session gains
Private Instant Verified Transaction/US Dollar Index (PIVXUSD) Technical Analysis Report for Oct 17, 2020 | by Techniquant Editorial Team
Moving lower for the 4th day in a row, PIVXUSD ended Saturday at 0.3580 losing $0.0036 (-1.0%). Trading $0.0038 higher after the open, the cryptocurrency was unable to hold its gains as the bears took control ending the day below its opening price. The last time this happened on Thursday, PIVXUSD lost -2.72% on the following trading day. Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range in a lackluster session.
Daily Candlestick Chart (PIVXUSD as at Oct 17, 2020):
Saturday's trading range has been $0.0098 (2.7%), that's far below the last trading month's daily average range of $0.0222. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for PIVXUSD.
During the whole day, prices traded within the prior day's range, unable to trade above the previous day's high or below the prior day's low forming an Inside Bar.
Prices are trading close to the key technical resistance level at 0.3729 (R1).
Although PIVX/USD is experiencing a short-term uptrend, this might just be a correction, as both the medium and long-term trends are still bearish.
Selling could accelerate should prices move below the close-by swing low at 0.3524 where further sell stops might get triggered. As prices are trading close to October's low at 0.3368, downside momentum could speed up should the market mark new lows for the month.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Down Close Near Low of Period" stand out. While it is usually interpreted as bearish, it has actually shown to be bullish for PIVX/USD. Out of 253 times, PIVXUSD closed higher 52.57% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 54.15% with an average market move of 4.37%.
With four out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are ETHUSD gaining 0.81% and BTCUSD closing 0.37% higher. On the flipside the worst performers have been BCHUSD closing -2.05% lower and LTCUSD losing -1.43%. Looking at the other Minor Cryptocurrencies, the winners of the day have been WAVESUSD surging 8.14% and WAVESBTC closing 7.59% higher. The worst performers of the day have been BCNUSD tanking -10.94% and BCHBTC closing -2.26% lower. Read more